Northern Rock's new Granite 2006-1 issue is testing the waters for what pricing levels will look like early in the game and so far the reception has been encouraging. The deal was upsized yesterday by 50% to £6 billion ($10.6 billion) from £4 billion ($7.07 billion) with original price talk revised tighter. The most notable revision was at the triple-B level with the euro and sterling tranches now being talked five basis points tighter, said market sources. The triple-B rated Class C notes were revised to Libor 60 to 65 basis points -- expected at 60 basis points. Markets sources said that underwriters are testing the tight end of guidance for the senior tranches as well.
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The prime jumbo RMBS transaction is collateralized by 402 residential mortgage loans.
9h ago -
Diversity and metropolitan focus could provide resiliency in economic downturns
9h ago -
Federal Reserve Chair Jerome Powell was noncommittal about cutting interest rates at the central bank's next monetary policy meeting in July, saying future actions will depend on incoming data. His comments come as President Trump ramps up his criticism of the Fed chair.
July 1 -
Bill Pulte, regulator and conservator of entities that buy and securitize many mortgages, also reaffirmed he's 'not happy with" lenders' main score provider.
June 30 -
Eagle + West is Brookfield's premier luxury building at Greenpoint Landing.
June 30 -
BofA Securities, Australia and New Zealand Banking Group and Japan's SMBC Bank International are joint lead managers.
June 30